NEW YORK CITY — Marcus & Millichap has arranged the $13.9 million sale of 6 St. Marks Place, a five-story retail building located between Astor Place and Second Avenue in Manhattan’s East Village. The sales price equates to $889 per square foot. Barbara Dansker, Preet Sabharwal, Zachary Weiss and Zachary Ziskin in Marcus & Millichap’s Manhattan office represented the seller, Withinvestors LLC, and the buyer, Kunbing Inc. The 15,600-square-foot property is occupied by three tenants on a net-lease basis and was fully occupied at the time of the sale. The New York Tofu House restaurant occupies the ground floor and the lower level. The second floor was recently leased to the Gallery & Café. St. Mark’s Karaoke occupies the third, fourth and fifth floors.
Retail
OKLAHOMA CITY — Glimcher Realty Trust has acquired three retail properties and 12 acres of undeveloped land in Oklahoma City for $51.8 million. The retail properties, which total 290,000 square feet, include Classen Curve, Nichols Hills Plaza and The Triangle @ Classen Curve. Combined, the three are averaging $500 in sales activity per square foot and house the market’s only Anthropologie, lululemon athletica and Whole Foods locations. Glimcher is tentatively planning mixed-use shopping and entertainment developments for the open land, which is located in the Northern Oklahoma City and Nichols Hills neighborhoods. Tom Blanton of Blanton Property Co. will retain leasing duties at the properties.
LAS VEGAS – A 24,034-square-foot retail building in Las Vegas has sold to Wyandotte, Inc. for $2.2 million. The building is located at 5050 E. Russell Road. It is currently occupied by a window company. Wyandotte was represented by Neil Dela Cruz of MDL Group. The seller, Kathleen & Adrian Varni Trust, was represented by Katherine Bergh of Marcus & Millichap.
LA QUINTA, CALIF. – A 4,562-square-foot retail building in La Quinta that is occupied by Union Bank of California has sold to Don & Marily Lynch c/o Dunn Property Group for $4.5 million. The building is located at 79670 Highway 111. The buyer was represented by Michael Dunn of Dunn Property Group. The seller, Hull LQ Properties, LLC c/o Sage Retail Group, was represented by Kevin Held and Chuck Klein of Cassidy Turley.
CARLSBAD, CALIF. — Noodles & Company has signed a 12-year lease for 2,837 square feet of retail space at Palomar Airport Commons in Carlsbad. The lease is valued at $2 million. The center is located at 2521 Palomar Airport Road. Noodles & Company was represented by Danny Fitzgerald, Michael Burton and Pasquale Ioele of Cassidy Turley and Sharon Carmichael of Terranomics Retail Services. The landlord, Sudberry Properties, was represented by Matt Moser of Retail Insite.
SPRINGFIELD, VA. — PREIT has entered into an agreement with Vornado Realty Trust to acquire Springfield Town Center in Springfield for $465 million. The approximately 1.4 million-square-foot mall is comprised of 642,000 square feet of anchor space and 703,000 square feet of non-anchor space. Target, Macy’s and JC Penney anchor the mall and remain operational while the rest of the mall undergoes renovation. Other notable retailers include Michael Kors, H&M, Chico’s, Pandora, Francesca’s Collection, Maggiano’s Little Italy, Yard House Restaurant, Wood Ranch BBQ, LA Fitness, Regal Cinema, Dick’s Sporting Goods and Topshop. The transaction is expected to be funded using $125 million in PREIT common and preferred operating partnership units, with the balance expected to be paid in cash. Vornado will continue the ongoing renovation of the retail center’s non-anchor space. PREIT and Vornado will jointly lease the space as a result of the transaction. PREIT has the capacity to develop 3 million square feet of additional retail, residential, office and/or hotel space, in compliance with existing zoning.
LITTLE ROCK, ARK. — Disney Investment Group, a boutique brokerage firm based in Dallas, has closed on the sale of Park Avenue shopping center, a 69,000-square-foot property in Little Rock. Inland Real Estate Income Trust purchased the property for approximately $28.1 million from SPC Park Avenue LP and SPC Condo LP, affiliates of Dallas-based Strode Property Co., Park Avenue’s developer. David Disney of Disney Investment Group represented the sellers in the transaction and procured the buyer. Park Avenue’s tenant roster includes Staples, Cheddar’s, Jared Jewelers, Panera Bread, Mattress Firm, Sport Clips, Verizon Wireless, Carter’s, Radio Shack and AT&T.
CITRUS PARK, FLA. — ECHO Realty LP has acquired Westgate Plaza, a 100,000-square-foot shopping center in Citrus Park, approximately 16 miles northwest of Tampa, Fla. Publix anchors the shopping center with a 55,000-square-foot store. The property also features two outparcels leased to SunTrust Bank and Fifth Third Bank. ECHO Realty purchased the shopping center from a joint venture between Kimco and GE Capital, owners of the center since 2007. ECHO has appointed Orlando, Fla.-based Crossman & Co. to manage and lease the property.
CHELSEA, MICH. — Sperry Van Ness / Property Investment Advisors LLC has arranged the $6.4 million sale of a 50,000-square-foot Polly’s Country Market in Chelsea, a city located about 15 miles west of Ann Arbor. The sale price equates to $128 per square foot, an 8 percent cap rate. Marsolin Holdings LLC, a local investor, purchased the net-leased property. Robert Pliska of Sperry Van Ness represented the seller, a Pontiac, Mich.-based trust, in the transaction. The grocery store is on a long-term lease with the new owner.
AUSTIN, TEXAS — Regency Centers Corp. has acquired the Shops at Mira Vista, a 68,340-square-foot retail property in Austin. Located at 2785 Bee Cave Road, the shopping center is in proximity to the affluent Rollingwood and Westlake Hills neighborhoods, as well as the Austin Central Business District. The facility was 98 percent leased at the time of the sale to Trader Joe’s, Panera Bread Co., Nothing Bundt Cakes and Champions Cheer and Dance. Erik Tompkins of Regency Centers Corp. will manage leasing at the property going forward.